Fall 2018 ACC 3100 Mid Term Excm-Version Question 3 On Jan 1, 2018, Genk Inc leased a piece of equipment from Siemens Inc. Silemens also manufactured the equipment. The lease is classified as an operating lease, and the details are as follows $340,000 Fair value of the machine Term of the lease Estimated useful life of machine Annual lease payments (due at start of year) Implied interest rate in the lease 4 years 7 years $ 73,350 7.00% 1) Provide thejournal entries Gent, the lessee, would record on Jan 1, 2018 2) Provide the journal entries Gent, the lessee, would record on Dec 31, 2018 3) Provide all the journal entries Gent records in 2019 for the leased asset